Hanwha Life secures controlling stake in Indonesia's Nobu Bank

Hanwha Life Insurance has made a strategic investment to secure a 40 percent stake in Nobu Bank from Indonesia's Lippo Group, becoming a key shareholder with management rights, the insurer said Monday. The deal was finalized about a year after Hanwha Life signed a share purchase agreement with Lippo Group, the sixth-largest conglomerate in the Southeast Asian country, in May last year. With this move, Hanwha Life became the first Korean insurer to pursue entry into the overseas banking sector. As of 2024, Nobu Bank holds total assets of about 3 trillion won ($2.2 billion) and continues to show steady growth, with net profit more than doubling from 12 billion won in 2023 to 27.9 billion won in 2024. With this investment, Hanwha's financial affiliates have further solidified their presence in Indonesia as a comprehensive global financial group, expanding their footprint across life insurance, nonlife insurance, securities, asset management and now banking. Hanwha Life aims to leverage its digital finance capabilities in combination with Nobu Bank's local offline network to drive innovationWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times